TransAsia Refinery Limited
MOU was signed between Muhammad Waris, CEO – FPPL and Sultan Al Ghurair CEO – TRL, for 100% acquisition of 100,000 bbls/ per day of Trans Asia Renery Limited. This renery will be set up on 200 acres of land at Port Qasim Authority, Karachi, Pakistan. The timing of this transaction is perfect as the draft “Renery Policy” is around the corner offering benefits such as 20 year tax holiday, import price parity and price adjustment to support new state-of-the art local oil refinery in Pakistan. This renery would synergize the operational efficiencies and enhance the commercial viability for FPPL by structuring end to end solutions for local oil market dynamics. This project will also significantly reduce the Fx import bill. Furthermore, the completion of this acquisition is an important step forward in delivering on Flow’s growth strategy in the energy sector. It will allow us to accelerate the scaling up of the entire nations’ capacity as well, so that we can meet the growing energy demands of the country. FPPL is looking to start up operations in due course of time.